AGRIBEL HOLDINGS LTD FINANCIAL REVIEW 2021
The deferred tax asset and liability is disclosed in the statement of financial position as follows :
Deferred tax asset 141 30 - 2 at normal tax rate 104 17 - - at capital gains tax rate 37 13 - 2
Deferred tax liability ( 466 ) ( 319 ) ( 134 ) ( 111 ) at normal tax rate ( 206 ) ( 204 ) - -
at capital gains tax rate |
( 260 ) |
( 115 ) |
( 134 ) |
( 111 ) |
Deferred tax ( liability )/ asset |
( 325 ) |
( 289 ) |
( 134 ) |
( 109 ) |
Reconciliation of deferred tax balance :
GROUP 2021 R ' m
GROUP 2021 R ' m
2020 R ' m
2020 R ' m
COMPANY 2021 R ' m
COMPANY 2021
Balance at the beginning of the year ( 289 ) ( 286 ) ( 109 ) ( 108 ) Temporary differences - movements during the year ( 22 ) 33 ( 25 ) ( 1 ) Previous year adjustment to deferred tax 9 - - - Current year subsidiary acquisitions * ( 23 ) ( 36 ) - - Balance at the end of the year ( 325 ) ( 289 ) ( 134 ) ( 109 ) * This relates to the acquisition of Suidwes Holdings ( Pty ) Ltd as well as the step acquisition of Hinterland Holdings ( Pty ) Ltd during the current year . And the acquisition of KLK Landbou Ltd and Grainovation ( Pty ) Ltd during the prior year , refer to note 6.2 .
R ' m
2020 R ' m
2020 R ' m
18.3 Reconciliation of the tax rate
Standard tax rate 28.0 28.0 28.0 28.0 Adjusted for : Non-taxable income ( dividends , accounting profits , impairment reversals ) ( 5.9 ) ( 4.0 ) ( 22.4 ) ( 31.4 ) Other incentive allowances ( 0.1 ) ( 0.3 ) - - Non-deductible expenses ( capital expenditure , donations , JV profits or losses ) 5.6 1.2 2.2 3.7 Other 0.4 ( 0.8 ) ( 0.1 ) ( 0.3 ) Section 42 profit on sale of assets - - ( 3.3 ) Prior year adjustment ( 1.3 ) 0.4 - - Capital gain inclusion rate change ( 3.9 ) - ( 1.8 ) - Effective tax rate 22.8 24.5 2.6 -
19 . PROVISIONS
2021 R ' m
2020 R ' m
2021 R ' m
Notes
2020 R ' m
-
GROUP Total
Balance as at 30 April 2019 15 Increase in provision during the year 2 Balance as at 30 April 2020 17
Increase in provision during the year |
|
63 |
Balance as at 30 April 2021 |
19.1
|
80 |
19.1 Grain risks
GROUP
COMPANY
The group is exposed to risks in the grain industry , which include the physical risk of holding inventory and non-compliance with grain contracts by counter-parties . Estimates for these risks are based on potential shortfalls and non-compliance with contracts at current market prices .
R ' m
46 AGRIBEL ANNUAL FINANCIAL REVIEW 2021 Agribel Holdings Limited Reg nr : 1996 / 017629 / 06